Steve Melton
Risk adviser
Central Carolina Insurance Agency | R3 Risk Management
Personal bio: I grew up in McLean Virginia, the son of a ‘sign painter’ from Lenoir, North Carolina who served in World War II, migrated to California and then back east to start a business — he worked in Washington, DC for 40 years. I was fortunate to be able to live a nice suburban life in McLean and how ironic that many of my neighbours were senators, congressmen, lawyers and doctors. Playing baseball became my avocation; I played from little league one through Babe Ruth and industrial leagues, high school and college.
Professional profile: I attended The University of Richmond where I played for three seasons. I ran into the rigours of business school, so I decided to choose school over ball. I graduated from the business school with a BSBA with a marketing major and was a Philp Morris Lyon’s Scholar. After school, I emigrated to Charlotte, North Carolina to work for Travelers Insurance Employee Benefits, back when they were a leader in the industry. I worked in the employee benefits via Lincoln National and BCBS plans. I migrated into commercial lines risk with Zurich/Universal Underwriters in 2001.
My passion is meeting educating and involving others on ways to build their business! I also like to keep fit.
How did you end up in the captive industry?
I met Tom Kendall from Captive Solutions and CRUISe II in Davidson, North Carolina via LinkedIn. Tom helped me understand how finding a business purpose first by talking with the company leaders to better understand their operations, f inancials and strategic direction helps identify areas where a captive might fit and assist. He advocates being a trusted advisor and educator to companies.
What has been your highlight in the captive industry so far?
Had a great discussion/education with a large environmental firm – which has led to their interest in furthering a review for the use of a captive to aid their business.
What/who have been your influences in the captive industry?
Tom Kendall, Artex seminars and Captive Insurance Times articles.
What is your impression of the industry?
It is a tight community, with the traditional insurance brokerage firms and insurance carriers. There are key players in the captive world for these very sizable markets that can build solutions easily as they have the experience and can learn on the fly. The knowledge of captives is still low in the North Carolina C-Suite. I see tremendous growth potential in this area to provide business solutions as well as the common insurance trade off carrier/agency solution.
What are your aspirations for your career in the captive industry?
I would like to continue to build on my education and confidence so that at least half my business revolves around problem solving utilising a captive in the solution.
What advice do you have for someone considering a role in the industry?
Read everything you can. Listen to the leaders that have been in the industry for years, learn how to talk with the C-suite on their business and understand the different financial/tax areas they might be in.
I also think you should learn about the variety of solutions/alternatives on how a captive might fit. Attend seminars/webinars and subscribe to Captive Insurance Times to stay abreast of the changes that take place around the captive industry.
Thomas Kendall, president & CEO, Captive Solutions “I would recommend Steve Melton as an Emerging Talent in the captive arena as his understanding of traditional insurance is vast yet his desire to learn more about how captives can assist companies is greater.” “Steve has learned that you need to understand the business issues first by getting into the understanding of the issues and needs to determine the best solution.” “From there Steve has learned how to get into the operational, financial and strategic areas that will aid in determining the right design. Lastly, he has learned there is no shelf product to walk in the door with but to listen and learn as much as he can in his discussions and to partner with the right team members in the industry to help with building the right captive solution for his clients.”
